https://www.taxtmi.com/caselaws?id=173041 The court ruled in favor of the petitioners, income-tax assessees and partners of a firm, in a case involving the interpretation of Section 234B of the Income-tax Act. The petitioners sought waiver of interest on advance tax payments following a change in law due to a Supreme Court decision disallowing carrying forward of unabsorbed depreciation for partners of a firm. The court held that the petitioners' income increased due to the Supreme Court decision, entitling them to waiver of interest under the notification. As a result, the court quashed the orders directing payment of interest under Section 234B for the relevant assessment years. en-us Fri, 06 Nov 2009 00:00:00 +0530 Mon, 07 Sep 2015 18:40:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173041 The court ruled in favor of the petitioners, income-tax assessees and partners of a firm, in a case involving the interpretation of Section 234B of the Income-tax Act. The petitioners sought waiver of interest on advance tax payments following a change in law due to a Supreme Court decision disallowing carrying forward of unabsorbed depreciation for partners of a firm. The court held that the petitioners' income increased due to the Supreme Court decision, entitling them to waiver of interest under the notification. As a result, the court quashed the orders directing payment of interest under Section 234B for the relevant assessment years. Case-Laws Income Tax Fri, 06 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173041